The global machine health monitoring market is anticipated to grow significantly over the forecast period. Machine health monitoring systems provide data about the machine’s health and operating conditions. They assist service technicians to maintain the machines, provide tools that help operators to manage machines better and help managers to schedule the service and maintenance of the machine. These systems are particularly used in manufacturing industries to improve the production efficiency. Machine health monitoring systems are equipped with software for data analysis that helps to predict failures, determine source of failure and provides useful information for future developments.
The global machine health monitoring market is expected to grow moderately over the next six years. The transition from preventive maintenance to predictive maintenance is one of the key drivers for the market’s growth. Predictive maintenance reduces the risk of unexpected machine breakdowns. Wireless technology enabled systems and development of smart factories are some other drivers for the market’s growth over the coming years. However, the cost of retrofitting existing systems and unpredictable maintenance periods may pose a restraint for the market’s growth. Increasing usage of wind energy may provide a substantial growth opportunity for the market as wind turbines operate in remote locations and their monitoring and maintenance is imperative for continuous and smooth operation. Development of smart sensors, increasing software functionalities, machines with built-in vibration sensors, internet of things for machine health monitors and reducing cost of implementation are some recent trends observed in the market. Use of cloud technology for data storage could positively boost market growth. However, the trade-off between online and offline systems is a burning issue for the market players. The machine health monitoring market can be segmented on the basis of product, components, application and geography. The product segments include corrosion monitoring, lubricating oil analysis, motor current signature analysis, thermography, ultrasound emission and vibration monitoring. The components used in such systems include spectrometer, thermal camera, corrosion probes, vibration sensors, spectrum analyser, ultrasonic detector and others. Out of these, vibration sensors are expected to have higher adoption rates as they measure vibrations, which are vital indicators of the machine’s health. Applications of machine health monitors are in marine, aerospace and defence, mining, oil & gas, chemicals, power and automotive industries.
Currently, North America hold the largest share in the machine health monitoring market owing to higher adoption rates of machine health monitoring systems. Asia Pacific is expected to account for the highest growth rate over the forecast period due to the expected increase in automation activities in the region. Some of the major players in this market are Honeywell Process Solution, Emerson Process Management, Bruel & Kjaer Vibro GmbH, Fluke Corp., GE, National Instruments, AZIMA DLI Corp, Parker Kittiwake SKF and Rockwell Automation Inc. among others.
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The global electronics devices market (including consumer electronics and industrial electronics devices) is expected to be impacted significantly by COVID-19 as China is one of the major suppliers for the raw materials (used to manufacture devices) as well as the finished products. The industry is on the brink of facing a reduction in production, disruption in supply, and price fluctuations. While this can vastly encourage local manufacturers to step up and address the growing demand, the scarcity of raw material can still pose a challenge to this industry. The sales of prominent electronic companies is expected to be affected in the near future. The report will account for Covid19 as a key market contributor.